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[SCHEDULE 13G] Chagee Holdings Limited American SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G
Rhea-AI Filing Summary

Chagee Holdings Limited Schedule 13G discloses that affiliated funds and entities controlled by Boyu Hu beneficially own 34,265,303 Class A ordinary shares, equal to 28.44% of outstanding Class A and 18.45% of total ordinary shares (based on 120,478,383 Class A and 65,274,107 Class B outstanding). Major direct holders include XVC Fund II with 22,145,614 Class A and XVC SSF II with 1,091,405 Class A. Because Class B shares carry 10 votes each, the disclosed Class A holdings represent only 4.43% of aggregate voting power. The filing clarifies ownership chains, shared voting and dispositive power among the named entities without asserting changes to control.

Chagee Holdings Limited nel suo Schedule 13G segnala che fondi e entità affiliate controllati da Boyu Hu detengono beneficiariamente 34.265.303 azioni ordinarie di Classe A, pari al 28,44% delle Classi A in circolazione e al 18,45% del totale delle azioni ordinarie (su un totale di 120.478.383 Class A e 65.274.107 Class B in circolazione). I principali detentori diretti sono XVC Fund II con 22.145.614 Class A e XVC SSF II con 1.091.405 Class A. Poiché le azioni di Classe B attribuiscono 10 voti ciascuna, le partecipazioni in Classe A dichiarate rappresentano soltanto il 4,43% del potere di voto complessivo. La comunicazione chiarisce inoltre le catene di proprietà e la condivisione del potere di voto e dispositivo tra le entità indicate, senza affermare modifiche nel controllo.

Chagee Holdings Limited, en su Schedule 13G, revela que fondos y entidades afiliadas controlados por Boyu Hu poseen beneficiariamente 34.265.303 acciones ordinarias Clase A, equivalentes al 28,44% de las Clase A en circulación y al 18,45% del total de acciones ordinarias (sobre la base de 120.478.383 Clase A y 65.274.107 Clase B en circulación). Los principales tenedores directos son XVC Fund II con 22.145.614 Class A y XVC SSF II con 1.091.405 Class A. Dado que las acciones Clase B confieren 10 votos cada una, las participaciones declaradas en Clase A representan únicamente el 4,43% del poder de voto agregado. El informe aclara las cadenas de propiedad y la distribución conjunta del derecho de voto y de disposición entre las entidades nombradas, sin alegar cambios en el control.

Chagee Holdings Limited� Schedule 13G� 따르�, Boyu Hu가 지배하� 계열 펀� � 법인들이 실질적으� 34,265,303� 클래� A 보통�� 보유하고 있으�, 이는 발행� 클래� A� 28.44% � 전체 보통주의 18.45%� 해당합니�(기준: 발행� 클래� A 120,478,383�, 클래� B 65,274,107�). 주요 직접 보유자는 XVC Fund II(22,145,614� 클래� A)왶 XVC SSF II(1,091,405� 클래� A)입니�. 클래� B 주식은 주당 10�� 가지므�, 신고� 클래� A 보유� 전체 의결권의 단지 4.43%� 불과합니�. 제출 서류� 명시� 법인� 간의 소유 구조와 의결권·처분권� 공동 보유 관계를 명확� 설명하고 있으�, 지배권 변경을 주장하지� 않습니다.

Chagee Holdings Limited, dans son Schedule 13G, indique que des fonds et entités affiliés contrôlés par Boyu Hu détiennent à titre bénéficiaire 34 265 303 actions ordinaires de classe A, soit 28,44% des actions de classe A en circulation et 18,45% du total des actions ordinaires (sur la base de 120 478 383 actions de classe A et 65 274 107 actions de classe B en circulation). Les principaux détenteurs directs sont XVC Fund II avec 22 145 614 actions de classe A et XVC SSF II avec 1 091 405 actions de classe A. Comme les actions de classe B portent 10 voix chacune, les participations en classe A déclarées ne représentent que 4,43% du pouvoir de vote global. Le dépôt précise les chaînes de propriété et le partage des droits de vote et de disposition entre les entités mentionnées, sans affirmer de changement de contrôle.

Chagee Holdings Limited gibt in ihrem Schedule 13G an, dass von Boyu Hu kontrollierte verbundene Fonds und Einheiten wirtschaftlich 34.265.303 Class‑A‑Stammaktien besitzen, was 28,44% der ausstehenden Class A und 18,45% aller Stammaktien entspricht (auf Basis von 120.478.383 Class A und 65.274.107 Class B ausstehenden Aktien). Zu den wichtigsten direkten Inhabern zählen XVC Fund II mit 22.145.614 Class A und XVC SSF II mit 1.091.405 Class A. Da Class‑B‑Aktien jeweils 10 Stimmen haben, machen die angegebenen Class‑A‑Bestände nur 4,43% der gesamten Stimmrechte aus. Die Meldung erläutert die Eigentumsketten sowie die gemeinsame Ausübung von Stimm� und Verfügungsrechten zwischen den genannten Einheiten, ohne Änderungen der Kontrolle zu behaupten.

Positive
  • Clear, itemized disclosure of shareholdings by each reporting entity and the ultimate beneficial owner
  • Quantified ownership with exact share counts and percentages for Class A and total ordinary shares
  • Explanation of voting power impact showing how dual-class structure reduces aggregate voting influence
Negative
  • Concentrated economic ownership across multiple affiliated entities ultimately linked to a single individual, Boyu Hu
  • Limited aggregate voting power (4.43%) despite large Class A stake due to super-voting Class B shares

Insights

TL;DR: Significant economic ownership of Class A shares but limited aggregate voting power due to dual-class structure.

The filing shows concentrated Class A ownership among affiliated funds and entities controlled by Boyu Hu, totaling 34,265,303 Class A shares (28.44% of Class A). Material line items include XVC Fund II's 22,145,614 Class A shares and XVC Management's aggregate control of 23,237,019 Class A shares. The registrant's capital structure (65,274,107 Class B shares with 10 votes each) reduces the disclosed holders' aggregate voting power to 4.43%, limiting direct governance influence despite economic exposure. This is a routine but material disclosure for shareholder composition analysis.

TL;DR: Ownership is concentrated across affiliated entities under one individual, raising governance concentration considerations.

The Schedule 13G documents clear attribution of Class A shareholdings to multiple affiliated entities ultimately linked to Boyu Hu, including XVC Fund II, XVC SSF II, Qanttea LP, Ningbo Ecksi Solution Investment and Putian Aikesi. The filing itemizes shared voting and dispositive power rather than sole control, and quantifies holdings both as percentages of Class A and as a much smaller percentage of aggregate voting power because of the dual-class share structure. For governance review, the filing provides necessary transparency on control chains and potential concentration of economic interest.

Chagee Holdings Limited nel suo Schedule 13G segnala che fondi e entità affiliate controllati da Boyu Hu detengono beneficiariamente 34.265.303 azioni ordinarie di Classe A, pari al 28,44% delle Classi A in circolazione e al 18,45% del totale delle azioni ordinarie (su un totale di 120.478.383 Class A e 65.274.107 Class B in circolazione). I principali detentori diretti sono XVC Fund II con 22.145.614 Class A e XVC SSF II con 1.091.405 Class A. Poiché le azioni di Classe B attribuiscono 10 voti ciascuna, le partecipazioni in Classe A dichiarate rappresentano soltanto il 4,43% del potere di voto complessivo. La comunicazione chiarisce inoltre le catene di proprietà e la condivisione del potere di voto e dispositivo tra le entità indicate, senza affermare modifiche nel controllo.

Chagee Holdings Limited, en su Schedule 13G, revela que fondos y entidades afiliadas controlados por Boyu Hu poseen beneficiariamente 34.265.303 acciones ordinarias Clase A, equivalentes al 28,44% de las Clase A en circulación y al 18,45% del total de acciones ordinarias (sobre la base de 120.478.383 Clase A y 65.274.107 Clase B en circulación). Los principales tenedores directos son XVC Fund II con 22.145.614 Class A y XVC SSF II con 1.091.405 Class A. Dado que las acciones Clase B confieren 10 votos cada una, las participaciones declaradas en Clase A representan únicamente el 4,43% del poder de voto agregado. El informe aclara las cadenas de propiedad y la distribución conjunta del derecho de voto y de disposición entre las entidades nombradas, sin alegar cambios en el control.

Chagee Holdings Limited� Schedule 13G� 따르�, Boyu Hu가 지배하� 계열 펀� � 법인들이 실질적으� 34,265,303� 클래� A 보통�� 보유하고 있으�, 이는 발행� 클래� A� 28.44% � 전체 보통주의 18.45%� 해당합니�(기준: 발행� 클래� A 120,478,383�, 클래� B 65,274,107�). 주요 직접 보유자는 XVC Fund II(22,145,614� 클래� A)왶 XVC SSF II(1,091,405� 클래� A)입니�. 클래� B 주식은 주당 10�� 가지므�, 신고� 클래� A 보유� 전체 의결권의 단지 4.43%� 불과합니�. 제출 서류� 명시� 법인� 간의 소유 구조와 의결권·처분권� 공동 보유 관계를 명확� 설명하고 있으�, 지배권 변경을 주장하지� 않습니다.

Chagee Holdings Limited, dans son Schedule 13G, indique que des fonds et entités affiliés contrôlés par Boyu Hu détiennent à titre bénéficiaire 34 265 303 actions ordinaires de classe A, soit 28,44% des actions de classe A en circulation et 18,45% du total des actions ordinaires (sur la base de 120 478 383 actions de classe A et 65 274 107 actions de classe B en circulation). Les principaux détenteurs directs sont XVC Fund II avec 22 145 614 actions de classe A et XVC SSF II avec 1 091 405 actions de classe A. Comme les actions de classe B portent 10 voix chacune, les participations en classe A déclarées ne représentent que 4,43% du pouvoir de vote global. Le dépôt précise les chaînes de propriété et le partage des droits de vote et de disposition entre les entités mentionnées, sans affirmer de changement de contrôle.

Chagee Holdings Limited gibt in ihrem Schedule 13G an, dass von Boyu Hu kontrollierte verbundene Fonds und Einheiten wirtschaftlich 34.265.303 Class‑A‑Stammaktien besitzen, was 28,44% der ausstehenden Class A und 18,45% aller Stammaktien entspricht (auf Basis von 120.478.383 Class A und 65.274.107 Class B ausstehenden Aktien). Zu den wichtigsten direkten Inhabern zählen XVC Fund II mit 22.145.614 Class A und XVC SSF II mit 1.091.405 Class A. Da Class‑B‑Aktien jeweils 10 Stimmen haben, machen die angegebenen Class‑A‑Bestände nur 4,43% der gesamten Stimmrechte aus. Die Meldung erläutert die Eigentumsketten sowie die gemeinsame Ausübung von Stimm� und Verfügungsrechten zwischen den genannten Einheiten, ohne Änderungen der Kontrolle zu behaupten.






Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)






SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Such 22,145,614 Class A ordinary shares are held by XVC Fund II LP ("XVC Fund II") directly. XVC Fund II is ultimately controlled by XVC Management Ltd. (formerly known as X Capital Management Ltd., "XVC Management"), and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Rule 424B4 Prospectus (File No. 333-286081) filed on April 18, 2025, by the Issuer with the Securities and Exchange Commission (the "Issuer's Prospectus"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Fund II represent approximately 2.86% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Such 1,091,405 Class A ordinary shares are held by XVC SSF II LP ("XVC SSF II") directly. XVC SSF II is ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC SSF II represent approximately 0.14% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II and (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II. Both XVC Fund II and XVC SSF II are ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II and XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Management represent approximately 3.01% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Such 4,939,291 Class A ordinary shares are held by Qanttea LP directly, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Qanttea LP represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Consists of 4,939,291 Class A ordinary shares directly held by Qanttea LP, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Youth Power Limited represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Such 4,644,404 Class A ordinary shares are held by Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) ("Ningbo Ecksi Solution Investment") directly, which is ultimately controlled by Boyu Hu. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Ningbo Ecksi Solution Investment represent approximately 0.60% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Such 1,444,589Class A ordinary shares are held by Putian Aikesi Coordinate Investment Partnership (Limited Partnership) ("Putian Aikesi Coordinate Investment"), which is ultimately controlled by Boyu Hu. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Putian Aikesi Coordinate Investment represent approximately 0.19% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G




Comment for Type of Reporting Person: Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II, (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II, (iii) 4,939,291 Class A ordinary shares directly held by Qanttea LP, (iv) 4,644,404 Class A ordinary shares directly held by Ningbo Ecksi Solution Investment, and (v) 1,444,589 Class A ordinary shares directly held by Putian Aikesi Coordinate Investment. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Boyu Hu represent approximately 4.43% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


SCHEDULE 13G



XVC Fund II LP
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
XVC SSF II LP
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
XVC Management Ltd.
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
Qanttea LP
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
Youth Power Limited
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu /Authorized Signatory
Date:08/13/2025
Putian Aikesi Coordinate Investment Partnership (Limited Partnership)
Signature:/s/ Xiao Yang
Name/Title:Xiao Yang /Authorized Signatory
Date:08/13/2025
Boyu Hu
Signature:/s/ Boyu Hu
Name/Title:Boyu Hu
Date:08/13/2025

Comments accompanying signature: Not Applicable.
Exhibit Information

Joint Filing Agreement

FAQ

Who filed the Schedule 13G for Chagee (CHA)?

The filing was made by affiliated entities including XVC Fund II LP, XVC SSF II LP, XVC Management Ltd., Qanttea LP, Youth Power Limited, Ningbo Ecksi Solution Investment, Putian Aikesi Coordinate Investment, and individual Boyu Hu.

How many Class A shares does Boyu Hu beneficially own in Chagee (CHA)?

Aggregated across affiliated entities, 34,265,303 Class A ordinary shares, equal to 28.44% of Class A and 18.45% of total ordinary shares as reported in the filing.

What are the largest single holdings disclosed in the filing?

XVC Fund II directly holds 22,145,614 Class A shares; XVC Management is shown as controlling 23,237,019 Class A shares in the aggregate.

What total share counts did the filing use for its percentage calculations?

Percentages are calculated using 185,752,490 total ordinary shares outstanding, consisting of 120,478,383 Class A and 65,274,107 Class B ordinary shares.

Why do large Class A holdings translate into low aggregate voting power?

Because Class B shares carry 10 votes each while Class A carries 1 vote, so Class A holdings represent a smaller portion of aggregate voting power despite their economic size.
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